Feed grains: CVB corn offers decline

Market: Agriculture
22/04/24

Sellers of Romanian-Bulgarian corn loading at the ports of Constanta/Varna/Burgas (CVB) lowered their offers on Monday, pushing the price closer to the levels of Ukrainian-origin product loading at the ports of Pivdennyi/Odesa/Chornomorsk (POC).

As for Ukraine's feed grain market, prices at the country's deep water ports closed flat on Monday. Trading interest was limited, but could pick back up later in the week. Rail operator Ukrzaliznytsia lifted its suspension of rail deliveries to Chornomorsk.

Elsewhere, Argentina's spot corn price firmed on an fob upriver/Necochea/Bahia Blanca basis on Monday. Sellers stayed away from the market, because of prevailing worries about corn output, at risk from rains delaying harvesting, and from yield losses caused by corn stunt.

Further out, Argentina's 2024-25 corn crop planted areas could shrink on the year, as producers mull planting less because of issues with the ongoing harvest, market participants said.

As for barley, prices for French new-crop barley could see support from farmers' reluctance to sell because of worries around the 2024-25 production. Barley crop conditions have fallen considerably from the previous two seasons, with 67pc of areas rated "good-to-excellent" as of 14 April, down by 24 percentage points (pp) on the year and by 20pp from two years ago.

Meanwhile, France's corn planting pace has lagged behind previous years, but if weather improves, farmers could speed it up with limited effect on production, market participants said.

Elsewhere, China's Ministry of Agriculture and Rural Affairs (Mara) forecast record corn production in 2024-25 at 295.5mn t, up by 6.7mn t on the year. Such an increase would likely cut China's feed grain import demand.

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